A bank loan of P 2,000.00 was made at 8% simple interest. How long would it take in years for the amount of the loan and interest to be equal to P 3,280.00?
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
PLEASE ANSWER THESE 2 QUESTIONS. THANKYOU BARTLEBY.
9. A bank loan of P 2,000.00 was made at 8% simple interest. How long would it take in years for the amount of the loan and interest to be equal to P 3,280.00?
10. The loan was made 3 years and 4 months at 6% simple interest. The principal interest amount of the loan has just been repaid along with P 800.00 interest. Compute the amount of the original loan.
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